Home
Flashcards
Preview
MGT 124 Chapter 1-5S
Home
Get App
Take Quiz
Create
Automatically remove your image background. Try it now!
https://remove-image-background.com
Productivity Formula
Productivity Growth
Multifactor Productivity
MAD - Mean absolute deviation
MSE - Mean squared error
MAPE - Mean absolute percent
Exponential Smoothing
Forecast = (inverse alpha * Previous Forecast) + (alpha * Actual)
Backup System Rule 1 - Success dependent on multiple successes
Backup System Rule 2 - Two events and at least one backup is needed for success
P1 = .90 and P2 = .80
Success = .90 + (1-.90) x .80 =
Backup System Rule 3 - two or more events and one is needed as success
Efficiency Equation
Utilization Equation
Maximin
The best worst
Maximax
The best best
Laplace
The best average in the row
Minimax Regret
Least regret
Expected Value of Perfect Information
EVPI = Expected payoff under certainty - Expected payoff under risk
Use best expected value times weighted row and add together to get EVcert.
Use best alternative from Minimax Regret for EVrisk.
PDCA cycle
Plan Do Check Act
Profit Equation
P = Q(R - v) - FC
Profit = Quantity(Revenue - variable) - Fixed Cost
Quantity Equation for Profit
Q = P + FC / R - v
Quantity = Profit + Fixed Cost / Revenue - variable
Automatically remove your image background. Try it now!
https://remove-image-background.com
Author
jerk7600
ID
334384
Card Set
MGT 124 Chapter 1-5S
Description
MGT 124 Operations Management
Updated
2017-09-19T02:51:43Z
Show Answers
Home
Flashcards
Preview